Ryan Cohen turned down a $35 billion bonus: his bet on eBay outweighed personal gain.
GameStop (NYSE: GME) CEO Ryan Cohen has taken a step that at first glance seems paradoxical. He has asked the board of directors to remove the vote on his personal bonus, which, if all KPIs were fully met, could have reached an astronomical sum of $35 billion. The reason for this decision is a desire to fully focus management and the board's attention on the potential acquisition deal for eBay.
The board of directors approved this bonus package back in January 2026, that is, before GameStop officially announced its ambitious plans regarding eBay. Now, after Cohen's request was approved, the company has sent a corresponding notice of changes to the SEC. Essentially, Cohen is demonstratively forgoing personal enrichment, tying his own future and the company's future solely to the success of the potential acquisition.
Recall that the initial conditions for paying this record-breaking bonus were an increase in GameStop's market capitalization to $100 billion and achieving a total EBITDA of $10 billion. Renouncing these requirements now is a powerful signal to the market. Cohen is removing from the agenda any questions about corporate governance and conflicts of interest that could arise at the annual shareholders' meeting scheduled for July 7. He wants the entire team to be "fully focused" on GameStop's performance and, more importantly, on the offer to buy eBay.
After GameStop announced its intention to buy eBay for $125 per share, paying for the deal with cash and its own stock, the meme coin market briefly stirred. However, eBay's board of directors called the offer "unconvincing and unattractive" and rejected it. Cohen, for his part, has publicly criticized eBay's $2.4 billion marketing expenses and pointed out the platform's inconvenience for users. In response, eBay blocked Cohen's trading profile in May, bringing the corporate dispute into the public sphere.
Cohen's vision is ambitious: he envisions the combined company as a digital marketplace for trading gaming items, where in-game assets like skins become full-fledged goods with real value. To realize this idea, eBay's scale, its network of sellers, and its payment infrastructure are necessary.
On Polymarket, the probability of the deal closing is estimated at only 14% — market participants largely do not believe that eBay's board of directors will sit down at the negotiating table. GameStop (GMEX) shares are trading at $21.16, up 0.64% over the past day.
Expert opinion: Cohen's renunciation of $35 billion is not altruism, but a strategic move. He understands that without eBay, GameStop risks remaining a niche player in the era of digital sales. By putting his personal gain on the line, he is effectively betting that the deal will go through. If it fails, this gesture could turn into a serious blow to investor confidence. GameStop's upcoming presentation this week will be a decisive signal — will it show a real plan or remain just a good story.